Bulls representatives including Executive VP of Basketball Operations John Paxson, General Manager Gar Forman, Head Coach Tom Thibodeau, and Special Advisor to the President and COO Scottie Pippen, as well as local community leaders were also on hand for the event. The new venue, which will be funded completely by the Bulls, is scheduled for completion in time for the 2014-2015 season.

“Today’s ceremony marks the start of an exciting phase in the relocation of the Bulls practice facility to downtown Chicago,” said Bulls Chairman Jerry Reinsdorf. “Our new practice facility is being designed and built in a way that will help us achieve the team’s number one goal – winning championships.

I want to thank Mayor Emanuel and local community leaders for their continued encouragement and support for this project. We are all eager to see this new facility realized and know it will play an important role in the ongoing redevelopment efforts in our West Side neighborhood.”

Still to be determined, however, is whether Mr. Reinsdorf and Blackhawks owner Rocky Wirtz, who co-own the United Center, will build a $75 million to $85 million, 260,000-square-foot retail complex in the parking lot between the arena and the new practice building.

Plans for the complex reportedly include a number of restaurants, bars, a team store and event space.